Give booming London more control of tax to create a virtuous circle of new homes and better transport March 10, 2016 For decades, transport has been at the top of Londoners’ list of concerns. Weary commuters reading their copy of City A.M. on today’s commute will know all too well how delays and congestion can make travelling in the morning peak draining. But as a result of the sustained efforts of successive mayors, borough leaders and [...]
EU referendum: How Brexit could affect your business March 8, 2016 After years of heated debate and soap opera style ‘will we/won’t we’ plot twists, Britain is finally having a referendum on leaving the EU. Regardless of your personal view on the issue, as a business owner this is one debate you can’t ignore. This month the Financial Reporting Council urged companies to include the potential [...]
Why Chinese equity crowdfunding is taking its lead from the UK – and what challenges the sector faces March 3, 2016 Despite a relatively slow start, the past two years have seen exponential growth in the Chinese equity crowdfunding sector, and there are indications that it could skyrocket in the 12 months to come. Chinese New Year on 8 February kicked off the Year of the Monkey, but will 2016 be a year of alternative finance [...]
HSBC: Gulf Cooperation Council states face $94bn looming debt crunch February 29, 2016 One of the world's biggest banks has warned a $94bn debt crunch is looming over Arab countries. HSBC said that sovereign, financial and corporate borrowers in the Gulf Cooperation Council (GCC) region must repay or refinance $94bn of bonds and loans in 2016 and 2017, Arabian Business reported. The GCC is an economic and political alliance comprising Saudi Arabia, Kuwait, the United Arab [...]
EU referendum: French President Francois Hollande says proposals have been changed overnight February 19, 2016 French President Francois Hollande has said that proposals have changed overnight, as he prepared to join the other 27 member states in the second day of intense negotiations on Prime Minister David Cameron's draft reforms. Speaking to reporters before the talks began, Hollande said that France continues to resist any deal that gives non-Eurozone states more power [...]
EU referendum: Prime Minister David Cameron says EU leaders have a make-or-break opportunity to “settle” the issue of Britain’s EU membership “for a generation” February 18, 2016 Prime Minister David Cameron has said he is “battling for Britain” today as he urges European leaders to come to an agreement on reforming the UK's relationship with the European Union. Cameron said tonight that EU leaders have a make-or-break opportunity to “settle” the issue of Britain’s EU membership “for a generation”. "The question of Britain's place [...]
Audit watchdog’s new powers signal shift February 15, 2016 The Financial Reporting Council (FRC) is still dealing with the fallout from the financial crisis. The accountancy regulator has attracted criticism recently for its decision not to investigate KPMG over its role in the collapse of banking giant HBOS in 2008. Chief executive Stephen Haddrill is in the middle of drafting a response to the chairman [...]
Firms must state Brexit risk audit regulator warns, as earnings season approaches February 8, 2016 Companies are being warned to include the cost of the UK quitting the European Union in their financial statements by the accounting regulator the Financial Reporting Council (FRC). Earnings season is gearing up in the UK, with most of the FTSE 100 blue chip firms set to publish their fourth quarter and full year results [...]
MPs turn up the heat on FRC over KPMG enquiry February 3, 2016 Influential MP and chairman of the Treasury select committee (TSC) Andrew Tyrie has increased the pressure on the accountancy watchdog over its supervision of big four auditor KPMG’s role in the collapse of HBOS. Last month the Financial Reporting Council said it would look into whether to open an investigation against KPMG, having previously decided not [...]
EU referendum: European Central Bank chief Mario Draghi says deal to keep the UK in the EU would be a boost for Europe February 1, 2016 European Central Bank (ECB) boss Mario Draghi has said that securing a deal to keep Britain in the EU would provide a "confidence boost" to Europe. "There is still political uncertainty surrounding the European project. This is true in the broader context of our Union," Draghi told European Parliament during a session on the ECB's annual [...]